Chindex Press Room
COMPANY BULLISH ON CHINA TRADE
BETHESDA, MARYLAND - MARCH 1, 1995 - U.S.-CHINA INDUSTRIAL EXCHANGE, INC. (NASDAQ:CHDX), a leading American company in market representation, sales and consulting services for Western business in China since 1981, today announced its results for the fourth quarter and twelve months ended December 31, 1994. For the year, net sales (the larger component of total revenue) increased by 84.6% from $5,750,000 to a record $10,613,000. Total gross profit on sales and net commission income increased over the periods by 42.1%, from $3,928,000 to a record $5,580,000. compared to the same period in 1993. Total revenue, comprised of net sales plus net commission income, increased by 56.3% to a record $13,238,000 as compared to $8,467,000 in the prior year.
Net sales in the three month period were $3,57,000, up from $2,207,000 in the same period a year earlier. Total gross profit on sales and net commission income was $1,924,000, up from $1,503,000 for the earlier period.
Income, before provision for income taxes, in the three month period ended December 31, 1994 was $281,000 as compared with $354,000 for the same period a year earlier. Income, before provision for income taxes, in the twelve month period ended December 31, 1994 was $826,000 compared with $584,000 in the prior year. Earnings per share for the year ended December 31, 1994 were $0.23 compared to $0.24 in the prior period.
"1994 was a tremendous year for us. Our growth was driven by strong regional sales and our ability to respond quickly to changing market conditions." Roberta Lipson, President and CEO said in Beijing. "We saw a good deal of negative press about the China market last year, but we remained aggressive and bullish, our performance is a result of that. We are very pleased to see our revenue figures over $13 million and our worldwide staff approaching 100."
The Company successfully completed an initial public offering in August of 1994 and has recently announced the opening of its first foreign subsidiary operation in Tianjin, China, its plans to open additional regional offices in China and its development of financing packages for Chinese purchasers through the Export Import Bank of the United States as components of its 1995 growth strategy. The Company is primarily involved in the sales of medical instrumentation, mining and heavy construction machinery, and metallurgical and industrial process equipment.